The seller of the airplane in question #1 was RustyBucket Air Mfg, Inc. RustyBucket manufactured the plane at a cost of $4.5 million.

3. The seller of the airplane in question #1 was RustyBucket Air Mfg, Inc. RustyBucket manufactured the plane at a cost of $4.5 million. The plane automatically transfers to ConAir at the end of the lease. Show the following journal entries: